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What is Supply and Demand: Key Determinants about?

Unit 2 discusses supply, demand, and consumer choice. It covers the key determinants of demand including price, expectations of future prices, number of consumers, substitutes and complements, income, and tastes/preferences. The key factors that shift the supply curve are also reviewed including input prices, the number of sellers, technology, taxes/subsidies from the government, and expectations of future profits. Changes in price only cause movement along the existing supply curve, not a shift of the enti

Author

Nicole Lam

Language

EN